Club for Growth Says NAT GAS Act No Better Policy Than SolyndraLink to Article: http://www.clubforgrowth.org/perm/pr/?postID=978
Club for Growth President Chris Chocola: “Market-distorting subsidies for unproven technologies are poor policy whether they are done by Republicans or Democrats.”
Washington, DC – The Club for Growth today reiterated its opposition to H.R. 1380, otherwise known as the “NAT GAS Act,” in advance of a Ways and Means Committee hearing on the measure. The NAT GAS Act aims to boost production of natural gas vehicles (NGVs) by offering about $5 billion in tax credits for the industry and for consumers to purchase them. The NAT GAS Act is similar to the Obama Administration’s failed attempt to boost solar panel manufacturer Solyndra by granting the company a $535 million loan guarantee because both Solyndra and the NAT GAS Act involve government intervention in the free market to pick winners and losers at taxpayer expense.
In June, Club for Growth President Chris Chocola wrote an op-ed in the Washington Examiner criticizing the NAT GAS Act, writing that “It is not the role of Congress or the federal government to pick winners or losers in the broad field of energy alternatives. Backing any one industry over another distorts the market and destroys our system of free enterprise.”
“The same misguided principles behind the decision to spend taxpayer dollars on Solyndra are the foundation for the NAT GAS Act,” said Club for Growth President Chris Chocola. “There’s nothing wrong with producing vehicles that run on natural gas, but if the market exists for NGVs, then consumers will buy them and should not be forced into subsidizing them. Market-distorting subsidies for unproven technologies are poor policy whether they are done by Republicans or Democrats.”